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Home textiles major Welspun Living Ltd on Wednesday reported a 14.3 per cent increase in consolidated net profit to Rs 185.95 crore in the June 2024 quarter. The company posted a consolidated net profit of Rs 162.73 crore in the quarter last fiscal, Welspun Living said in a regulatory filing.

Auto industry-focused KPIT Technologies on Monday reported a 52 per cent jump in its net profit to Rs 204.2 crore for the March 2024 quarter on higher revenue growth and profit margins. The Pune-headquartered company had posted a post-tax net of Rs 134 crore in the year-ago period.

Alphabet fell more than 3% on Wednesday on fears that its rising investments in AI infrastructure would squeeze margins and YouTube was facing tough competition for ad dollars.

The alloy manufacturer’s consolidated net profit slipped by a little over a fifth on year to Rs 1,338 crore during the quarter from Rs 1,692 crore a year ago. The company’s tax expenses were at 521.13 crore, up nearly seven times from Rs 74.75 crore a year ago.

​Among the public shareholders, Damani held about 34.66% in the company. Damani raised stake in VST Industries during the June quarter by 2%. At the end of March quarter, the investor had held about 32.7% in the company, according to data from Trendlyne.

The Dow Jones Industrial Average fell 147.46 points, or 0.37%, at the open to 40,210.63.

Indian equity benchmark indices turned volatile on Wednesday, but recouped losses towards the end of the day. Sectorally, buying was seen in utilities, energy, oil & gas and smallcaps while auto, FMCG and banks saw selling pressure.

CG Power and Industrial Solutions Ltd on Wednesday reported a 21 per cent hike in its standalone profit after tax of Rs 232.13 crore for the April-June 2024 quarter. The company, part of the diversified conglomerate Murugappa Group, had registered a profit after tax of Rs 192.06 crore during the corresponding quarter of last year.

Sometimes shares are bought to close an existing short position, signaling a shift from extreme bearishness to bullishness.